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FOX Business
Jun 20, 2013 1:00pm EDT
. the difference this time around, the economy is better, housing is better, the labor market is better. this time around, i think it is a little different, a little bit better fundamental backdrop. tracy: let's talk about how we can position our bonds for it. >> it is hard to know exactly where this will settle out. the move of two to 40 has been pretty dramatic. we may have already covered a lot of the ground we will cover. on the equity side, i think you have to be overweighted in the u.s. still. i like the domestics of the goals. we are the only major market in the world that is growing and i think stocks here are still reasonably priced. tracy: i know you also like tech. >> the problem with tech is you have to be a little discriminating because as a factor, it derives more of its product overseas than ever. the tech sector, in my view, again, is pretty reasonably valued. tracy: we have to talk about commodities. gold is down. event gold typically down this time of year? >> i would not be getting into gold. i think gold is being washed out as a result of the fed's projections. the rest of the
PBS
Jun 20, 2013 5:30pm PDT
newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> suarez: the prospects for passage of immigration reform, by a big margin, appeared to brighten considerably today. supporters talked hopefully that they'd met demands for greatly expanded policing of the border with mexico. >> madame speaker, i rise to speak. >> suarez: two republicans went to the senate floor this afternoon to announce a potentially critical compromise on a key sticking point for many in the g.o.p. >> americans want immigration reform, of that there is no doubt. they want us to get it right and that means first and foremost securing the border. >> some people have described this as a bor
CNN
Jun 20, 2013 1:00pm PDT
the gravy train by tapering off the stimulus it stumps into the economy, sometime in the near future. he hasn't even announced it yet. i want to get to felicia taylor at the new york stock exchange. explain what happened there to trigger the second day of selloffs. >> the debate has begun as to when that tapering, that slight pullback, and i do mean slight. he's not taking all of the stimulus out of the market at once. traders discussing whether or not it's going to happen in the next month or possibly 2014, what that does to the market. we were down about 380 points before the closing bell. so we have come back a little bit and that is a good sign. but some traders say these kind of selloffs could continue because the debate is going to continue. but what we've really got to focus on is the economy. are we seeing enough positive signs in the economy? so far it's a very mixed picture for the federal reserve to feel confident enough to begin that slow tapering down. the answer is not really. they need at least three monies of positive economic news for him to begin that stimulus pullback.
MSNBC
Jun 20, 2013 2:30am PDT
sweet. >>> federal reserve chairman ben bernanke has a little more positive view of the u.s. economy. but that sent markets tumbling. cnbc's andrew ross sorkin, my friend. >> hey, my man. how are you? >> i'm doing well. >> great to see you. >> congratulations, by the way. i'm probably two or three weeks late here, but it's -- it's been probably more than that but marv tlous watch you every morning. >> i know you miss me. we need to know why the stock market tumbles so strongly when mr. bernanke says we might stop something in the future but nothing is happening right now. >> because we've indicated for the first real time that we are taking the drugs away from the patient. that's what's happened here. this is all about whether we can handle it. it's sort of -- it's kind of like antibiotics. you are supposed to take them to a certain point and then stop taking them before they finally kick in and start to work. it's hard to gauge when you are supposed to stop with the medicine. and that's really the question right now. the market clearly feels that the economy isn't out of the woods y
FOX Business
Jun 20, 2013 11:00am EDT
. bernanke said the fed could slow its bond line program later this year, as long as the economy keeps growing and unemployment falls. in a note to clients, renaissance marker research said we suspect the markets are significantly overreact into the process of tapering. rbc capital markets said one of the big surprises in bernanke's press conference was that the chairman did not attempt to walk back the recent rise in interest rates. bernanke said yesterday that tapering really was not that bad. kind of like taking your foot off the gas pedal in the car and hitting a nice cruising speed, not hitting the brakes. >> what he is doing is a lot like monetary drunk driving. >> we will get more clarity at the end of july. connell: thank you much. brian jacobson for us next. it is always good to have brian's point of view. to what level is your anxiety level at this stage? >> my anxiety level is very low. i understand that they have a centrally planned economy. they can marshal resources to prop up their banks if necessary. i am not concerned about the federal reserve cutting back on their ass
CNN
Jun 21, 2013 12:00am PDT
and breaking the news, the stories behind the headlines. if the economy is getting better, why did wall street have the worst day of the year and the walls, exclusive the man that co-founded apple with steve jobs, his interview tonight on a segway, a machine that nearly killed me once. we'll get around to talking about why. i want him to talk about the new upcoming jobs movie. >> nobody wants to buy a computer, nobody. >> how did somebody know what they want if they have never even seen it? >> also, government snooping taking us back to the days of the cold war soviet union. >> i want to begin on the tragic death of james gandolfini yesterday. we're learning more about the moments of his family found him in his hotel room last night. dan is live in rome with more. dan, what is the latest? >> reporter: well, we've been piecing together the tragic final minutes of james gandolfini's life. we know that he arrived at the hospital at 10:40 p.m. having been rushed in found collapsed in his hotel room in a five-star hotel here in central rome. we know he was traveling with his 13-year-old son. there
CBS
Jun 20, 2013 5:30pm PDT
the big concern here on wall street was china. the once-booming chinese economy-- now the second-largest in the world-- is beginning to slow down. wall street is worried that the chinese government is not acting fast enough to boost its economy by injecting cash into a tight cred chinese banks have become reluctant to lend to each other. overnight, interest rates shot up by double digits according to wall street trader ben willis. >> this is a natural correction we've been looking for. we can blame it on ben bernanke, we can blame it on china, we can blame it on greece. >> reporter: but with credit tight, investors who r worried chinese consumers won't be able to buy as many goods from the west, hurting other economies. but willis remains optimistic seeing opportunity if falling stock prices >> we love this. this is what we live for when you have this kind of volatility. this is a dream for us. that's why you're in the business. >> reporter: this is when you make your money. i >> exactly. >> reporter: and with the dow rising more than 12% so far this year, stocks were selling at
FOX Business
Jun 20, 2013 4:00pm EDT
many financial stocks particularly those exposed to the domestic economy. david: okay. >> the u.s. is well-capitalized -- david: i have to put you on pause there when you're on financials. we'll take issue with you. we have earnings coming in from oracle. jo ling kent what do the numbers look like? >> dave, we have an 87 cents per share eps which is exactly as expected. $10.95 billion which is a miss on revenue. breaking down numbers a little bit, we see a quarterly revenue of $849 million. what is interesting, new software license revenues were up 1.4% to 4 billion. they were expecting to see this go from, between 1 and 11% that is certainly on the low end. that is a very important area for oracle to grow especially if other companies get into this market. david: i want to go back to todd. we have a lot of news to cover i don't want to focus on any one stock but does this tell you anything about oracle? >> this is common throughout the entire earnings season. miss on the top line. that is the whole story. oracle looks pretty good chartwise. with the current market conditions it
MSNBC
Jun 20, 2013 10:00am PDT
of a timetable on it, saying if the forecast for the economy goes as planned, we'll start reducing the amount of -- combination for the economy by the end of this year and we'll end it next year. he tried to go to great, great lengths to say, you know what, that doesn't mean we're tightening on the economy, just we're not stimulating the economy as much as we do before. >> we've seen the market drop even lower today. there is some thought that that might actually have to do with what's happening in china as well. can you talk a little bit about that? >> i think that's a piece of it. we got negative data out of china that was a bit of a surprise. there's concern about the chinese central bank there, the people's bank of china clamping down on bank lending there so maybe you'd have what you call a hard landing where things would stop a little more abruptly than had been anticipated. the data out of the u.s. was a mix. we're kind of feeling our way along here. i think the real concern for the markets right now is does the fed make a mistake here? does it end up withdrawing the stimulus from the
NBC
Jun 21, 2013 4:00am PDT
as the economy continues to improve. but as cnbc's maria bartiromo points out, there may be a silver lining. >> every time we've seen a sell-off of 5%, a lot of people were expecting a correction of 5%. each time we've seen that, that selling has been met by buyers. they call it the so-called buy on the dip mentality. >> nbc's tracie potts has details, including what this means for homeowners. tracie, good morning to you. >> reporter: good morning. here's how you connect what's going on on wall street with the average american. when the fed says we're going to pull some of our support because the economy's doing better, that means interest rates may go up. if you're buying a car or sending a kid to college or, as you note, if you're buying a home. the housing market has been doing pretty well. take a look at the may numbers. 5 million homes sold in the month of may. that's up 4% from a month earlier. up almost 13% from a year earlier. the median home sale price right now for existing homes is $208,000. that's up 15% year over year. in fact, we've seen double-digit increases for six months i
ABC
Jun 20, 2013 12:35am PDT
of a big boost for the economy. that is tonight. >>> from washington, this is "nightline," with terry moran. >>> good evening everyone, the day the soprano's pilot first aired, the day james gandolfini became a household name. well, today is the day we lost that vanguard forever. >> reporter: sometimes an actor finds a role that just connects. the role of a lifetime. james gandolfini, who died suddenly today at 51 was tony soprano. for 86 episodes over six seasons on hbo, gandolfini seared america's eyeballs with the portrayal of the man capable of staggering violence. with news of an apparent heart attack while he was in italy, the world has lost not only a very talented actor but also a cultural icon. but success was a long time coming for gandolfini. >> i had such anger, when you're young, a lot of people have anger, you're pissed, you're not sure why. that is probably why you are all sitting here. you want to express something, you don't know what it is. >> reporter: gandolfini began his career playing cold-hearted mob enforcers, in such shows as terminal velocity. he kept getting cast
MSNBC
Jun 20, 2013 12:00pm PDT
. a lot of times cbo's estimates change because actual economic facts change. the economy's getting better, employment is going up, they'll revise their numbers accordingly. that's fair. the only thing i want to say is of course predictions become correct. we have to agree on who's in charge of predicting before we make a decision. >> of course, predictions are not always right, but the key fact of the cbo report is that it scored this immigration bill extraordinarily high and it will be extremely helpful to the american economy. >> right. >> this will be valuable for all of us. so do you think that this cbo report will change or help the impact -- will change the immigration debate or will people who are against it still say, well, i don't believe it. i don't care about what that says? >> well, i think it does change things for the better if you're in favor of immigration reform, which i am. we proponents of immigration reform are always sort of saying in a generic way, this is good for the economy. you bring in talented people. you bring in ambitious people, people who want to work, stay
NBC
Jun 20, 2013 5:30pm PDT
gave a mostly positive review of the economy, but also in there was a warning that cheap borrowing may be coming to an end. that was the backdrop. and today the people who buy and sell stocks for a living chose to sell. and the numbers went down in a moment. we'll talk about how a lot of homeowners are watching this closely. first, however, let's go to where the damage was done. maria bartiromo on the floor of the stock exchange in new york. good evening. >> good evening to you. at this point everybody has gone home at the new york stock exchange. but it was quite the scene today as the market was plummeting. and today's 350-point sell-off comes on top of yesterday's 200-point sell-off as the federal reserve suggested the winding down of the stimulus may very well happen beginning at the end of this year. so why is that such a bad thing? basically, people are focusing on the fact that once the stimulus goes away, interest rates will begin to creep up, and that will take money out of the stock market and into fixed income, into bonds. why would i keep my money in the stock market, which
FOX Business
Jun 20, 2013 9:20am EDT
buyers are taking a hit and so is president obama. who or what will get this stalled economy going if ben quits printing? it is a big day and we've got a big show for you. dr. ben carson is here, and angie is here from angie's list and a libertarian shootout, stossel versus the judge and "varney & company" is about to begin. having triplets. [ babies crying ] surise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need thout any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. >> all right. everybody, we are going to start with the action swirling around your money. it is not good. when ben said he may print less this year and nothing by next year, the reaction was negative and again this morning. solid interest rates going straight up. 10-year treasury yield up 1/4 point overnight and you rarely see that. and gold a huge hit. down $80 as we speak. look where the dow jones industrial aver
MSNBC
Jun 21, 2013 10:00am PDT
" on sunday. >> >> we want to do our own congressional summit on immigration, the economy, spying. we've got terrific four some to talk about this, as well as to really examine the president's standing right now politically with some of these issues. and we'll do that with our round table. >> thank you very much. we'll be watching. >> okay. >> and senate approval of a broad overhaul of the nation's immigration system could get a boost to spend billions on border patrol. but while it is raising hopes for republican support, there is strong opposition to it. >> if it were actually needed and work, i would help deal with that. but i don't -- i have my doubts that this is the best way to spend our money. i think this was a political response to a failing piece of legislation, a dramatic, desperate attempt to pass a dramatic piece of amendment so they can say it does everything you want and more. so we'll see. hopefully it does improve the border. but again, the border is just one part of the overall failure of our immigration system. >>> and joining me now is nbc news capitol hill correspondent,
CNN
Jun 19, 2013 8:00pm PDT
about cutting back on the fed stimulus program which basically has been pumping money into the economy to keep interest rates low. that's helped prices for a lot of things, real estate, stocks included. we're now on round three of what i call, you know, pumping money into the economy. they call it quantitative easing. with their noses in the air. each of the new rounds has caused stocks to move higher. starting later this year, the fed will take the drugs away and may cut the addicts off entirely next year. ben white, chief economic correspondent for politico. ben, thank you. so people -- he comes out and says things are getting better. >> and the stock market tanks. >> you say what's wrong with these crazy people on wall street? americans say -- 44% of americans say they're worse off than they were a year ago. >> i think what it means for people who have a house who might want to refinance it, they should probably do it, because interest rates will go higher if the fed stops doing all this drug giving to the economy. so if you're going to refinance, do it now. if you're looking at a n
CNN
Jun 20, 2013 8:00pm PDT
into the economy to prop it up to prevent a depression is going to start drying up. peter kenny is the chief market strategist at knight capital group. i guess the question is two days nearly 4%. makes people afraid. and it should make people afraid t. question is, is this temporary or something that could get worse and worse? >> it's a real wake-up call. i do think this is a short-term trend. given that, we are in a period of volatility since chairman bernanke did mention tapering back in may, which is where we had our highs. >> which means i will stop giving you this free market. >> meaning we have seen the most volatility all year. sideways to lower, the last two days significantly lower. there is probably some work to do on the downside in the near term. this is something that's needed. a pullback is needed. we need to get back to more compelling evaluations in the index stocks generally speaking. so it's not as if this is completely destructive. it's a question of a longer period of trend. >> it's pruning. >> that's a great example. >> when you look at five years ago when this whole, they call
CNN
Jun 20, 2013 6:00am PDT
.s. economy, but there would be a road map for when they would stop doing that. the u.s. economy was strong enough to get on its own two feet and unemployment rate got back 7%. take their foot off the accelerator is the way the fed chief put it. overnight, world markets started to react saying all the markets that had benefitted from the big flood of fed money into the world economy and all markets having a pull back to what would be the reality when the fed is not in the game. you see the dow down about 69 points right now and down 72. we'll continue to watch. we have seen triple-digit declines the last six or seven days in a row, carol. >> then it goes right back up. such a weird thing. >> very volatile and i'll let you know how this is playing out and whether they can absorb it all right today. >> thank you, christine. >>> other stories we're covering this morning. senate negotiators are expected to announce a deal today on an immigration reform bill that would increase border security as cnn first reported yesterday. the plan would double the number of patrol officers from the current l
NBC
Jun 20, 2013 4:00am PDT
's not because of gas prices. aaa cites instead the sluggish economy and says people are just taking less time off. >>> microsoft reverses course on its new xbox one game console. users will now be able to play games offline without having to be connected to the internet. thaibl able to lend and sell used games. the xbox one goes on sale for $499. >>> and there could be more red arrows today on wall street after markets got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. if the economy keeps improving. but bernanke says that doesn't mean an interest rate hike is imminent. richard, back to you. >> kayla, thank you. >>> the country's second largest school system plans to order ipads for every student. the los angeles board of education approved a $30 million multi-year purchase. the first order, 31,000 ipads. the district has some 640,000 students, grades k through 12. the names george zimmer may not ring a bell but this ad certainly will. >> you're going to like the way you look. i guarantee it. >> zimmer
PBS
Jun 20, 2013 4:00pm PDT
. this is singapore's central business district, the poor sink -- pulsing heart of singapore's economy, but today, you see the building stranded and smoke. there is a dry, accurate taste in the air. you can feel it in the back of your throat. -- there's a dry, accurate -- there's a dry, acrid taste in the air. his is where the fumes are coming from. hotspots on the indonesian island of sumatra where farmers use/and burn techniques to clear the land -- use slash and burn techniques to clear the land. >> ideally, we would like the fires to be put out. if any of these fires were illegally started, then whoever is responsible for them to be brought to justice. for the long term, what we need to do is cooperate with the indonesians as we have been to work on developing sustainable agricultural practices. >> the cost of the smog is yet to be counted, but it could be in the billions. had economichaze costs estimated at more than $9 billion and reportedly made 20 million people ill across the region. looks ugly there in singapore. you are watching "bbc world news america." still to come -- what do this briti
FOX
Jun 21, 2013 7:00am PDT
national security but invests in the economy. it's more about who we are. i'm very hopeful. >> senators get back to work on capitol hill behind me in this 15 minutes. we expect to hear from senator reid. back to you. >> joe biden is one in the immigration leading the charge for this. >> it's time to provide a fair, reformed unfettered pass to citizenship for $11 million undocumented immigrants. >> he spoke at a awards banquet in las vegas and says this is part of the future of america. >>> and san francisco state senator leland yee will hold a news conference in support of immigration reform. he will unveil a measure that pardons 11 million immigrants and branses them similar immigration rights as same-sex couples. >>> a new volunteer center has been launched for sierra lamar. they've moved to central high school. it used to be at burnett elementary. sierra's father, steve, made the move will allow volunteers to rico -- refocus on finding her. now, antolin garcia-torres has been charged with her murder. >>> a shooting happened about 10:00 at 6th and natoma. the victim was shot twice but is
FOX News
Jun 21, 2013 2:00am PDT
they may buy back bonds later this year because the economy in their view could be improving. this has all kinds of implications especially for interest rates. they kept artificially low fuelling the rebound of real estate prices for instance they helped fuel the slow recovery. >> i think the market is saying the fed believes this economy to be stronger than we do. but we don't believe you that if you take away the stimulus this economy won't be able to stand on its own two feet. until we see otherwise we are going to be concerned that this low trajectory economy can be at risk of dangerous down draft. >> we knew it would impact sometime that the fed would have to dial back on the bond buying spree 85 billion a month taking the foot off the it was pedal. the food news these can lead to buying opportunities. may be something of a rebound today. dow futures are up. >> doug luzader live in washington, thank you. >> it is the first day of summer and we are kicking it off with extreme weather. >> maria molina is in our weather center tracking heavy rains in parts of the country. hi maria. >> go
ABC
Jun 21, 2013 6:00am PDT
: investors say the storm is, in part, because of some good news about the economy. last month, employers added 175,000 new jobs with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession mean he is the federal reserve could pull back on its stimulus pro, which has pumped billions into the system to help drive growth. >> our economy is getting better and now it's time for us to see how we can do it on our own. >> reporter: potential shift by the fed has shaken some investors who feared the economy is not as strong as it seems. some also worry record low interest rates could disappear. already, mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming deterrence with the new reality. >> once we get through that period, i think we are going to realize that we are going to be okay and things will get back to normal. >> reporter: now, financial advisers say the best advice for average investors not to panic, to stick it ou
CNN
Jun 20, 2013 2:00pm PDT
to back off of this government program that has helped push the economy along and that has sent the markets in a tail spin. he used the word "taper", he's going to taper the program. what does that mean? well, imagine the economy to be like a kid trying to ride a bicycle after a spill, trying to get back on balance. the fed has been helping out to steady and push him along with about $85 billion a month in stimulus. ben bernanke has been looking at numbers saying housing is up almost 7% in may, unemployment 7.6%, not getting better but not getting worse, gdp, 2.6%, all of that he's saying is that all of this that is good enough that the government can start backing off and let the economy stand on its own a little more. i'll be there. if it gets in trouble, i'll step in and save it, it will be okay, there is what we should do. so why are the markets so troubled? partially because they're looking at the same numbers and they are not as confident. their sense is that if you step away from this economy right now and try to let it ride on its own, in fact you could have a lot of wob
ABC
Jun 20, 2013 4:30pm PDT
than 500 points lost in 48 hours as economists tell us that the economy is finally on the mend. what's going on here. rebecca jarvis leads us off. >> reporter: today's big drop is part of a roller coaster week for your money. the dow up or down triple digits every day. so what's driving the volatility? actually, good news. >> we are stronger, we are. our economy is getting better. >> reporter: the best month for existing home sales in three and a half years. and improvement in jobs. all of this means there's less need for this man, fed chairman ben bernanke to keep pumping billions into the system. >> the easiest way to say is that we have had training wheels on our economy for quite some time now and now we're getting word that these training wheels are going to have to come off, slowly come off and we're going to see if we >> reporter: the uncertainty also leading to higher mortgage rates, now above four percent for the first time in a year. but still some of the cheapest borrowing in history. for example, in california, the turnbull family can buy their dream home for about $2,000
CNN
Jun 21, 2013 2:00am PDT
into the economy each month. >> gradually reducing the pace of purchases. >> reporter: the second, overnight thursday bad news from china. manufacturing production fell. the economy isn't growing as fast as it had been. the pros say this was bound to happen after months of gains and record highs. in fact, the fed pulling back is a sign the economy is getting better. >> there's no fear or panic going on. we know it's going to be a nice, slow, orderly process to see if our economy can stand on its own again. >> stocks were only part of the bad news. a metal meltdown. gold, the filter is dropping like a rock, losing a quarter of the value this year. don't be afraid to peek at your 401(k). after yesterday's dramatic drop, the dow was up 12.5% this year. >> everything was moving yesterday. interest rates on treasury bonds hit a two-year high. higher mortgage rates, higher car payments could be around the corner. don't despair. stock futures in the u.s. are up a little bit so far. we'll keep monitoring it. >> you used a swear word before we went on air. >> i did. i said darn, that was a horrible d
MSNBC
Jun 20, 2013 6:00am PDT
're seeing is ben bernanke is taking the training wheels off the economy. or will eventually be taking the training wheels often by pulling out all the quantitative easing, all the bond buying the fed has been doing. several rounds of this quantitative easing. it's boosted house prices. it's kept mortgage rates down. everybody's nervous when the fed stops buying up all these bond, the economy might not perform all that well and stocks are going to look a little expensive. so that's why you're seeing stocks sell off. that's why you're seeing mortgage rates go up. the ten-year treasury note is rising. the highest it's been in a couple years. think of ben bernanke as a drug dealer, he's taking the drugs away from the economy. >> everybody coming down from that high, as it were. the president in a conversation with charlie rose hinted bernanke would not serve a third term as fed chair. i'll play you a sound bite from that conversation. and then get your thoughts. >> ben bernanke's done an outstanding job. ben bernanke's a little bit like bob mueller, the head of the fbi, where he already s
CNN
Jun 21, 2013 3:00am PDT
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
FOX News
Jun 19, 2013 4:00pm PDT
scaling back later in the year. if the economy continues to improve. peter barnes with the news live in washington. that's a stupid reaction, peter. >> well, shep, the feds said that it could be getting ready to scale back the easy money policies that wall street really likes. it's been using them for the last five years to help keep the economic recovery going after the great recession. and for starters, it said it could slow its controversial 2.5 trillion-dollar bond buying program known as quantitative easing. basically printing new money. qe has helped keep interest rates low foruto loans business ratings. the feds said it could start buying fewer bonds if the economy gets better and that unemployment rate keeps falling and then maybe it could stop qe all together next year if the rate gets close to 7%. >> the 7, 6.5, these are guide posts that tell you how we are going to be shifting the mix of our tools as we try to land is ship on a, you know, on a smooth -- in a smooth way into the -- unto the aircraft carrier. >> so just the idea that easy money could be ending soon, spooked
FOX News
Jun 19, 2013 7:00pm PDT
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FOX News
Jun 20, 2013 11:00pm PDT
from breaking away from oil-rich psychos who have us under their thumbs. it prevents our economy from growing by fracking and it leads to corruption in green energy, which is nothing more than the mafia with hemp. >> david, seriously, he was in berlin and he wants to talk about climate change? >> this is called governmenting by fox checking. nuclear disarmament, check. climate change, so important that this speech was given in the fifth year of his two terms. these are all things that he's talking about in europe that are never going to get done here. what he could do that would be an amazing thing for america would be the keystone pipeline. and also a universal rule for natural gas fracking, which would allow us to actually not just change our economic position in the world, but our socioeconomic position and the power. bob isng so miserable. >> but i do think that it was, it really was just, okay, i've got to get this off my plait, hollywood's breathing down my neck, i'm going to talk about climate change so everybody here in berlin will give me a high fall. >> i'm going to call my
MSNBC
Jun 20, 2013 7:00am PDT
think that leadership of the house recognizes that immigration reform would be good for the economy and good for their branding as it relates to the latino community and if they want to have a chance to get the white house next year as senator lindsey graham talked about, i think that they understand that the leadership level that this is a real goal that they want but i think they are going to have trouble work with their base in the caucus but i'm convinced that the momentum that could be gained by a strong vote in the senate would be with the ground swell of public support. it's very clear in poll after poll that the american people want this issue solved. they want a resolution on this. this is a win-win for the country and i think people see on the economic benefits as well, what you're hearing in those extreme voice by house members is just not consistent with the broad feelings of the american people have said they want in terms of this issue. >> thanks so much. >>> thank you. >> alex, susan, we've seen this, the republicans who have been on the forefront of this, some taking
CNN
Jun 19, 2013 4:00pm PDT
, talking about pumping money into the economy to keep interest rates low. we have all gotten pretty addicted to ben's drugs. we are oon round three of what i call pumping money into the economy, they call quantitative easing with their noses in the air. you can see each of the new rounds has caused stocks to move higher. as they started to end stocks fell and back up against. starting later this year the fed will start taking the drugs away. outfront ben white chief economic correspondentic. so he comes out and says things are getting better. >> and the stock market tanks. >> americans say they are worse off now than they were a year ago. that is more than say they were betterer off. what does today's news mean for people with a nest egg and a house under water. >> people with a house who want to refinance should probably do it because interest rates will be going a little higher if the fed stops this drug giving to the economy. if you are going to refinance do it now. a new home purchase do it sooner rather than later. in terms of stocks hold on to them. wait this out. it is going
FOX News
Jun 20, 2013 3:00am PDT
is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
NBC
Jun 20, 2013 5:00am PDT
buying program and let the economy stand on its own. scott mcgrew, not what investors wanted to hear. >> not at all. is like an parent who stops paying your apartment rent. the economy soon is going to have to prove itself by itself. ben bernanke said in his wednesday press conference the fed would likely end its purchase of bonds next year. remember we're talking about billions an billions of bond purchases every month. that news should drive interest rates, particularly mortgage rates up. as for the effect of equities, let's get right to kayla tausche who is live at cnbc world headquarters. >> hey, scott. futures are lower this morning following yesterday's sell-off. stocks, bonds, both slammed by comments from federal reserve chairman ben bernanke. speaking about when the central bank may end its economic stimulus program, reacting the disappointing data about china's economy and the manufacturing sector. here today we have reports on unemployment, manufacturing and housing. the dow dropping 206 points to 15,112 the nasdaq losing 38 to 3,433. >> we'll keep an eye on it with update
KRON
Jun 20, 2013 7:00am PDT
-thirds of americans rate the current economy as before. the poll also indicates a positive trend: the number of those who rate the economy as good as ground steadily since the end of last year-up nearly 10% from last december. overall, optimism that the economy will improve is split almost down the metal. 50 percent predict they will be better off a year from now, 49 percent say things will get worse. >> if you think about starting a business, calif. just might be the state for you. according to the kaufman index of entrepreneurial activity and a list of 10 states saw more start of activity than anywhere else nationwide. here is a look of the top 5- montana, vermont, new mexico, alaska, and mississippi. coming in at no. 6 is california. in 2012, the state had a starting rate of 410 per 100,000 adults. the coffin index says that california has major advantages including a strong talent base, an estimatestablished network of venture-capital, a big consumer market, and top not to private and state research schools. a government analyst says the merger of american airlines and u.s. airways would reduce c
CBS
Jun 20, 2013 4:00am PDT
program. after a two-day policy meeting wednesday the fed updated the outlook for the economy and bernanke said that's why the fed will most likely slow down its stimulus program. >> the committee currently anticipates it would be appropriate to moderate the monthly purchases later this year and if the subsequent data remain broadly aligned with current expectations for the economy, we would continue to dries the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year. >> bernanke also expects the unemployment rate to fall to 6.8% by the end of 2014. on wall street bernanke's words spooked investors. the dow dropped 206 points and the nasdaq fell 31 points. >>> tokyo's nikkei dropped nearly 2%. hong kong's hang seng lost nearly 3%. >>> well, the irs is caught in another controversy. the agency says it's has to pay $70 million in union bonuses. some republicans want the irs to follow a white house directive and cancel them. in april the obama administration ordered all agencies to stop handing out bonuses bought of automatic spending cuts. >
MSNBC
Jun 20, 2013 2:00am PDT
but it's not because of gas prices. aaa says the sluggish economy and people are taking less time off. >>> microsoft is reversing course now on its new xbox one game console. users will be able to play games offline without having to be connected to the internet at all. they'll also be able to lend and sell used games. it goes on sale this fall for $499. in the market, stock futures are lower after they got slammed wednesday following comments by ben bernanke that the federal reserve may soon start scaling back its economic stimulus programs. that's if the economy keeps impruchg bernanke says that doesn't mean an interest rate hike is imminent. we will, though, be watching the markets all day today. >>> homeowners can expect to pay a little less to keep the ac on this summer. according to the u.s. energy information administration, milder weather is predicted for the summer to help give some relief to those power bills. the average homeowner can expect to pay about $395 for june, july and august. >>> the second largest school system in the country plans to order ipads for every studen
MSNBC
Jun 21, 2013 2:00am PDT
borrowing will soon come to an end as the economy continues to improve. but as cnbc's maria bartiromo points out, there may be a silver lining. >> every time we've seen a sell-off of 5%, a lot of people were expecting a correction of 5% -- each time we've seen that, that selling has been met by buyers. they call it the so-called buy on the dip mentality. >> well, nbc's tracie potts is live in washington with all the details, including what all this means for homeowners. tracie, good morning. >> key point, mara. good morning, everyone. the impact of all this, maybe you're not heavily involved in the stock market, but if you're trying to buy a home, we've already seen interest rates start to creep up. they will likely creep up even more as the fed starts to pull back its support. that means you could have less for your money in terms of trying to buy a home. but take a look at what the housing market has been doing, self-correcting. in may, 5 million homes were sold. that's up about 4% in a month, up almost 13% in a year. the median home sales price right now, $208,000. that's up 15% over year
FOX News
Jun 20, 2013 6:00am PDT
relentlessly pumping into the economy. >> based on its review of recent economic and financial developments, we see the economy starting to go at a greater pace. >> in the world of the federal reserve thatasses for tony soprano-style drama. stewart varney, the anchor of varney and company. explain what ben bernanke said and why it got such a reaction. >> reporter: ben bernanke threatened to take away the biggest economic stimulus program we have got going for us right now. at the moment ben is printing a trillion dollars a year. he's threatening to reduce that to zero as the mid of next year. the immediate result is bad news for homeowners because interest rates are going up. home buyers. it will be tough to get a reasonably priced mortgage. and your 401k goes down. president obama is stuck. this stimulus has been taken away. he's got obama-care which has been labeled a train wreck. ben is likely to take away a very good stimulus program. martha: we will final out if this improving economy is a emperor with no clothes. what is that going to mean for everybody out there? >> you are asking the qu
FOX News
Jun 20, 2013 8:00am PDT
. the president's approval rating on the economy in this poll is 42 approve, 57 disapprove, and as you know a lot of young people are getting out of school and not being able to find a job, and a large number of kids who get out of college are moving back in with their families. i think this is more than just nsa, it may be the economy, it may be the overall perception of the president. the other interesting note in the poll was that for the first time he was viewed by the american people as not honest and trustworthy. 49% said that phrase applies to him. 50% says it does not a my to him. that could be another thing, because young people had such -- he was such an aspirational figure to younger voters and younger americans and if there is agreeing perception that he's not shooting straight with him, that he's not honest and trustworthy that could be very close not only among young people but among all voters. jon: isn't that perhaps the bigger problem i mean for him? because it's one thing to have your job approval rating kind of bounce up and down, but once you are perceived as not necessarily t
NBC
Jun 22, 2013 5:00am PDT
pumping into the economy to lower interest rates, encourage borrowing and improve the labor and housing market. when he mentioned that investors knew it couldn't go on forever. hearing it caused a knee-jerk reaction. they thought he's not quitting cold turkey. unemployment needs to improve a little bit more and needs to be more growth in the economy. >> you talked about interest rates. that's a major concern for people, not just when it comes to mortgages, but student loans as well. >> everything you do is tied to the interest rate whether you like it or not. whether you have an existing loan or taking out a new loan. if you have a variable rate those could go up in the near term. they change with the market. if you have a fixed rate loan it stays the same. if you are taking on a new loan make sure you look closely at your mortgage. new mortgages, they also move with the market. we are seeing a 30-year fixed at nearly 40%. it's climbing. if you want take out a new mortgage, it's narrowing. credit cards, student loans, auto loans, other types of debt are tied to the f
CNN
Jun 21, 2013 6:00am PDT
year and they're concerned what the fed is going to do when they stop supporting the economy probably some time into next year. you'll see this gut check where people are taking money off the table. >> christine romans reporting live from new york city, thank you. >>> six women, six women, just women would decide the fate of george zimmerman and remember race could be a key factor to this case. five of thez women jurors are white. one is described as hispanic or black. opening statements now set for monday. also, today the judge will rule on a controversial voice analysis of the screams heard on this 911 call. >> does he loohurt to you? >> i can't see him. i don't want to go out there. i don't know what's going on. >> do you think he's yelling help? >> yes. >> all right. what is your -- >> all right, you heard the screams in the background. the prosecution wants to show it was trayvon martin's voice. if so, that could hurt zimmerman's self-defense claim in shooting zimmerma eme eme em was unarm aed. >>> also new information this morning in the sudden death of james gandolfini. hotel s
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